Question: Using the following information, the journal entry to record the January 1, 2019 transaction will be: January 1, 2019: Atlantic Corporation reacquires 2,000 shares of

Using the following information, the journal entry to record the January 1, 2019 transaction will be:

January 1, 2019:

Atlantic Corporation reacquires 2,000 shares of its $15 par common stock for $66 per share.

March 5, 2019:

Atlantic reissues 1,000 of the above mentioned shares for $75 per share.

Select one:

A.

Investment in Treasury Stock

132,000

Cash

132,000

B.

Cash

132,000

Treasury Stock

132,000

C.

Treasury Stock

30,000

Paid-in-capital, Treasury Stock

102,000

Cash

132,000

D.

Treasury Stock

132,000

Cash

132,000

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